IIT Bombay and the State Bank of India (SBI) launched ‘The SBI Foundation Hub for Data and Analytics’ at IIT Bombay. Prof. Subhasis Chaudhuri, Director, IIT Bombay; Mr. Dinesh Khara, Chairperson, SBI; Mr. Om Prakash Mishra, DMD (HR) and CDO, SBI; and Mr. Nitin Chugh, DMD and Head (Digital Banking), SBI, were present at the occasion.
SBI, in partnership with its CSR arm – the SBI Foundation, has committed a generous amount to establish a Banking Data and Analytics Hub that will capitalize on the extensive banking experience of SBI and the research expertise of IIT Bombay. The Hub is specifically designed to address the unique challenges faced by the Indian banking and financial services sector.
The establishment of this Hub will harness the Institute’s proficiency in data science, analytics, and artificial intelligence to effectively tackle tangible issues within the Indian banking and financial services (BFS) sector. Anticipated outcomes include a pivotal role in stimulating innovation within the digital banking realm and promoting research in emerging fintech domains. It will actively participate in competency-building and bolster skillsets, and actively participate in outreach initiatives that will augment and broaden the community of professionals skilled in banking analytics.
In his address during the launch, Mr. Khara pointed out that for a fintech organization like SBI, Data and AI are more than just tools. They are core and integral parts of their strategy, enabling them to provide greater convenience, reliability, and innovation to their customers. He added, “Together, with IIT Bombay, we endeavour to portray a new era in banking, fostering research, training, and upskilling, while enhancing our nation’s AI capabilities in BFSI analytics. The setting up of the ‘SBI Foundation Hub for Data Science and Analytics’ at IIT Bombay is a testament to SBI’s commitment to driving innovation and transformation in the BFSI sector and is a significant milestone in bringing positive change through Corporate Social Responsibility.”
Acknowledging SBI Foundation’s generous contribution to the Hub, Prof. Chaudhuri said, “This collaboration represents a significant milestone in our commitment to harnessing the power of Data Science and AI to revolutionize the banking and financial services industry. Through this partnership, we aim to not only drive innovation and cutting-edge research but also nurture a thriving community of skilled professionals in banking analytics. Together with the SBI Foundation, we embark on a journey to shape the future of the industry, leveraging the expertise of two premier national institutions.”
Highlighting the huge opportunities that the SBI Hub could bring in, Dr. Ganesh Natarajan, IIT Bombay’s distinguished alumnus as well as member of the central board of SBI, said that corporates need to leverage the benefits of changes made by generative AI and new forms of data storage and dissemination. He urged the research fraternity at IIT Bombay (in particular the students) and SBI to exploit the power of these tools and develop facile ways to benefit the banking sector in general and the SBI in particular.
The Hub’s launch symbolizes the union of two leading institutions dedicated to applying Data Science and AI principles for the transformation of banking and financial services.
Unveiling the Inner Workings of the SBI Data Hub in IIT Bombay
The Hub will include a substantial lab space and support research and skill development in data analytics and artificial intelligence (AI) at the Institute.
The Hub will be housed within IIT Bombay’s Centre for Machine Intelligence and Data Science (C-MInDS) and will foster pioneering research and create distinctive technological solutions by partnering with C-Minds on projects related to artificial intelligence (AI), machine learning (ML), and data science.
In an earlier conversation with Livemint, Mr. Khara said, “The tie-up shall help enhance SBI’s AI capabilities and will lead to the generation and dissemination of new ideas through industry-academia collaboration and training of the Bank’s staff. The partnership shall benefit the entire BFSI sector and help in the adoption of emerging technologies like ChatGPT.”
IIT Bombay is excited to embark on a transformative journey with SBI to tackle some of the critical and pressing challenges within the banking sector. The Institute is deeply grateful to SBI for their generous donation, which paves the way for groundbreaking research and competence-building in banking analytics. Leveraging the Institute’s research prowess and SBI’s extensive banking acumen, ‘The SBI Foundation Hub for Data and Analytics’ promises innovative solutions for a brighter future for the industry.